Marcus & Millichap Arranges Sale of 342-Unit Self-Storage Facility Near Grand Rapids

Marcus & Millichap, a leading commercial real estate brokerage firm, has arranged the sale of Ada Attic Self-Storage, a 342-unit self-storage facility in Ada, Michigan. The sale closed at a 6.62% capitalization rate, with the facility being 96% occupied at the time of sale. The property, built in 2002, offers climate-controlled and conventional units and features recent upgrades such as new shingles, LED lighting, and a modern surveillance system. The sale represents a significant transaction in the Grand Rapids storage market, with Marcus & Millichap's Eddie Greenhalgh stating that the strong response from local and out-of-state investors underscores the market's strength.

Key Takeaways:

• The sale of Ada Attic Self-Storage represents a significant transaction in the Grand Rapids storage market, with a sale price reportedly achieved at a 6.62% capitalization rate.
• The facility is 96% occupied, with climate-controlled and conventional units available to tenants.
• Recent upgrades to the property include new shingles, LED lighting, and a modern surveillance system, enhancing the overall value of the facility.
• The sale price and details of the transaction were not publicly disclosed, but the transaction highlights the strength of the Grand Rapids storage market.
• Marcus & Millichap's Eddie Greenhalgh noted that the strong response from both local and out-of-state investors underscores the strength of the market.
• The facility is located in Ada, Michigan, with an average household income of over $210,000 within a three-mile radius.
• The seller, a family trust/LLC, and the buyer, Prestige Storage, were represented by Marcus & Millichap's Greenhalgh and Lee Thornton.
• The property has been held by the original family since its construction in 2002, making this sale the first time it has changed hands.

Statistics:

• The sale of Ada Attic Self-Storage achieved a 6.62% capitalization rate.
• The facility has 342 units, with 96% of the facility being occupied at the time of sale.
• The sale price and details of the transaction were not publicly disclosed.
• The facility offers climate-controlled and conventional units, with recent upgrades including new shingles, LED lighting, and a modern surveillance system.
• The average household income within a three-mile radius of the facility is over $210,000.

Sources:

• Marcus & Millichap, Inc. Press Release (August 12, 2025) "Marcus & Millichap Arranges Sale of 342-Unit Self-Storage Facility Near Grand Rapids"
• https://www.marcusmillichap.com/news-events/press/2025/08/8-12-ada-attic-self-storage